Security risk

In the face of the NTSB's recommended ban, auto manufacturers are gung-ho about adding more connectivity in the car.

Allstate Insurance Co. is seeking to recover $6.3 million against 83 New York-area defendants in its seventh insurance fraud lawsuit of 2011. The complaint, filed under the Racketeer Influenced and Corrupt Organizations Act (RICO) and principles of common law, alleges that the defendants engaged in separate, but parallel, schemes in which fraudulent and misleading bills were submitted to Allstate for durable medical equipment, medical supplies and orthotic devices.

A call for the revision of a federal law, which allows risk retention groups (RRG) to operate nationally when licensed in a single state, has been lodged by National Risk Retention Association General Counsel Robert Myers, Jr.

Insurers are skeptical about the cloud, but new developments could lend hope to a secure future.

With the stroke of a pen on Saturday, President Obama signed a continuing resolution that bought the troubled National Flood Insurance Program (NFIP) another week of funding.

As the rulemaking phase of the Dodd-Frank Act continues, insurers are looking to shape the rules to determine which companies constitute a systemic risk to the larger economy.

After its first public event, the magnitude of the task facing the Federal Insurance Office becomes apparent.

Credit and information management firm TransUnion released end of third-quarter results of its proprietary Auto Insurance Risk Index, noting a slight increase of 0.03 percent after four consecutive quarterly declines. The index now registers 98.85, three basis points higher than Q2 2011; 31 basis points lower than a year ago at this time; and 73 basis points lower than its recessionary peak in Q2 2009.

The insurance industry showed strong support for The National Transportation Safety Board after it announced yesterday that it recommends all 50 states and the District of Columbia pass legislation banning the non-emergency use of portable electronic devices by motorists while driving.

The National Transportation Safety Board said today that texting, emailing or using a cell phone while driving has been proven to be too dangerous to be allowed anywhere, and recommends that all states impose a total ban, except for emergencies. The recommendation would also apply to hands-free devices, the federal safety board said.

On the heels of reports coming out of Washington on the government’s scramble to protect the country’s power grid from cybercriminals, CSC reports the launch of an Insurance Cybersecurity Advisory Council for life insurance and annuity providers and property/casualty insurers. The goal of the council is to facilitate the development of best practices and technology strategies that effectively mitigate the risk of cyber attacks on the insurance industry.

The International Underwriting Association has established an enhanced lobbying presence in the Americas, the group reports.

Risks continue to outweigh the benefits when it comes to implementing technologies of convenience behind the wheel.

Given the tough pricing environment, skittish capital markets and litany of catastrophe losses seen in 2011, it’s hard to regard the present as a golden age for reinsurers.

Experts say thanks to a dearth of Federal support, it isn’t a stretch to imagine a power grid cyber attack that takes out the Internet, grinding communications and businesses to a halt in the process.

ingenie is a new online car insurance brand targeting young drivers in the United Kingdom, aged 17 to 25, who have been priced off the road by rocketing car insurance costs. Those costs have seen the 17 to 22 age bracket now paying a typical annual premium of £2,431 ($3,805), up 64 percent when compared to 2010 figures.

With another expiration of funding for the National Flood Insurance Program looming, a continuing resolution to keep the program afloat has passed the Senate by unanimous consent.

In 2012, the U.S. life and annuity insurance industry will be challenged to find ways to manage both capital and risk in an economically and politically uncertain year, while continuing to lay the groundwork for future growth, according to Ernst & Young's new Global Insurance Center U.S. Outlook report.

American Fidelity Assurance Co. has chosen Wolters Kluwer Financial Services’ NILS INsource and NILS INcompass offerings to help monitor and implement regulatory changes.

As a teetering Euro threatens more disruption in world financial markets, a new survey reveals widespread concern among those responsible for risk management at U.K.-based insurance companies.